I like the lyrics a lot. To me it follows along from Redundant and Church On Sunday as an honest/realistic type of love song, I especially like "The kids are alright, alright as they'll ever be" and the nostalgic verses. I've seen a few people say they dislike "You will always be my sweet 16" (thinking it's about 16 year olds and is corny) in the past, but knowing it's just a reference to his 16th anniversary I don't see anything wrong with that part either. Sounds pretty too.
She's not exactly the greatest rapper of all time and I could see being disappointed with the verses not being from a "real" rapper, not everyone who dislikes it just dislikes rap. But I think that kind of seductive half rapping half talking she does works for the song/character and complements Billie's vocals well. And as is evident from discussions about Dos there's some people who dislike hearing any lyrics about casual sex in a Green Day song and are "disappointed" in Billie for writing about it (lol) and no doubt don't enjoy hearing a sexy woman's voice rapping about it on a Green Day song either. But it also just isn't to some people's taste (which is to be expected more than usual for a song that's different to the band's usual output) and there's nothing wrong with that. Doesn't stop me enjoying it!